Money News

Recession hindering Brits from saving, finds Scottish Widows

The recession is seriously affecting British consumers' ability to save money, a new poll conducted by Scottish Widows has discovered.

According to the survey, 85 per cent of respondents said that they simply do not have the spare money required to start saving - a figure which has increased from 50 per cent since last year's poll.

A further 42 per cent of people have increasing numbers of debts to pay which they cite as a major hindrance when it comes to saving cash - a ten per cent rise from 2008.

Savings expert at Scottish Widows Anne Young said: "While paying off debts should still be a priority, in climates like these, it is important to save even a small amount now to get into a saving habit and build up some capital."

This week, Barclays reduced the interest rates on its Barclay Children's Savings account.